Debt Collection Software for Law Offices

Debt Collection is growing in the United States. According to recent industry studies, since 2004 collection law firm revenues are increasing at an astonishing compound annual growth rate of 16%. More and more law firms are adding Collections departments. This makes good sense, since there is no substitute for professional legal council when dealing with debt collectors. Experienced lawyers, litigation paralegals and collection investigators have the experience and vision that guarantees aggressive debt collection. However there are many factors that impact legal recoveries, including multiple jurisdictions, downward fee pressure and growing placement from debt buyers.

Law Collection agencies need customized collection programs which handle debt collection for early-outs, pre-charge off, primary debts, secondary debts, tertiary debts and judgment enforcement. The debt collection software needed to combine the contingency collection processes with the legal processes should be easy to use.

According to Lex Patterson, President of DAKCS Software Systems, “We recognize that collection attorneys need a feature rich software solution. RESOLVE brings contingency and legal processes together in one complete package. We have created a legal software solution that reflects our industry knowledge and our commitment to the legal community. We now offer the You’ve Got Claims interface which connects attorneys to the best legal network in the country today”.

The following components are necessary in a debt collection system for law offices.

• A fully integrated state-of-the-art call management system with a sophisticated predictive dialer and significant expansion capability.
• An innovative and customized letter series;
• Strategic account scoring and data mining;
• Credit bureau reporting;
• Extensive high volume processing capabilities;
• Advanced skip tracing techniques.

A collection attorney can negotiate a settlement and payment plan to recover the highest percentage of a client’s assets as quickly as possible. Contact from a law office has a much greater impact on even the most habitual debtor. Attorney involvement is difficult to ignore, and can mean serious consequences that most debtors want to avoid.

If your law firm is considering starting a collections department, or is searching for software to supplement your collections processes, the DAKCS RESOLVE product might be just what you need.